TEXAS, USA — Texas saw one of the biggest drops in home prices across the country, according to a new report. That price drop comes at a time when prospective buyers are finding it harder to find good properties in their budgets.
According to research by the New Jersey Real Estate Network based on Zillow information, Texas saw a 0.42% decrease in overall housing prices from the start of 2023 until its end.
The list ranked Louisiana at the top, with a price drop of 2.19%, followed by Idaho at 0.75%, Texas at 0.42%, North Dakota at 0.36% and Nevada at 0.11%.
By the end of 2023, Texas homebuyers saved more than $1,200 on total costs.
Meanwhile, the five states with the biggest price increase were Connecticut with 9.56%, Maine with 8%, New Hampshire with 7.49%, New Jersey with 7.43% and Rhode Island with 7.1%.
Such high price jumps were caused by a number of factors including increase of population, more job opportunities and economic growth, the report said. These changes can make an area more desirable and often more expensive.
If Texas's 2023 trends continue into 2024, this could become a positive year for homebuyers.
Boomtown is KVUE's series covering the explosive growth in Central Texas. For more Boomtown stories, head to KVUE.com/Boomtown.